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Jason Kenney, the Premier of Alberta, has decided that the Province of Alberta will ship Alberta Tar Sands oil by train becuase the Canadian Government will not build a new pipeline. He has established a crown corporation (ARL) to evaluate and operate the projects. ARL is considering three new investment projects, all with equivalent risk. The projects are expected to last 10 years and have salvage values the end of the project of $200m,$100m, and $50m respectively. The expected incremental operating cash flows are shown below and the appropriate weighted average cost of capital is 8%